A decline in Saudi Arabia’s projects market contributed to the value of the Gulf Projects Index falling by 0.2 per cent in the week up to 6 May, as all the Gulf countries failed to record growth.

The value of schemes planned or under way in Saudi Arabia, the region’s biggest projects market, fell by 0.5 per cent to reach $1.1bn. The drop was due to the completion and cancellation of $7.4bn-worth of schemes. The largest to be cancelled was a $3.5bn project to build a second aluminium smelter at Jizan Economic City. The biggest completed project was the $1.2bn Yanbu Export Refinery.

Despite the fall, Saudi Arabia’s projects market has seen a strong year to date, with the value of its projects sector up 18.4 per cent year-on-year, making it the fastest-growing country in the index.

Project updates
  Project name Project status
Iraq Zubair field development: South degassing station Execution
Kuwait Nine hospitals expansion: Al-Sabah hospital  Execution
Saudi Arabia King Khaled Medical City Main contract bid
Saudi Arabia Yanbu export refinery: hydrocracker (EPC 4) Complete
UAE Saadiyat Island: New York University Complete
For further information visit www.meed.com/meedprojects

The UAE, the region’s second-largest market, recorded a 0.2 per cent decrease, despite 27 new schemes worth a total of $1.9bn being launched. The value of the new projects was offset by the completion of 11 schemes, including a $900m project to build a branch of New York University on Saadiyat Island.

Bahrain, the region’s smallest projects market, recorded a 0.1 per cent fall, as construction of a $70m warehouse was completed. Bahrain is the weakest market in the GCC this year, with the value of its projects sector down 9.4 per cent on the same period in 2013.

Upcoming tender deadlines
  Client Contract Submission date
Kuwait Kuwait Oil Company Provision of masterplan for installation services 18 May
UAE Nakheel Jebel Ali Village Club 20 May
UAE Tourism Development & Investment Company Guggenheim Museum 5 Jun
Saudi Arabia Health Ministry King Khaled Medical City 18 Jun
Egypt New & Renewable Energy Authority Design, manufacture and construction of 120MW wind farm 20 Jul
For further information visit www.meed.com/tenders

Qatar’s projects market slipped 0.1 per cent, as two road schemes worth a total of $459m were completed. However, Qatar’s projects sector has enjoyed a strong year so far, with the value of its index up by 15 per cent year-on-year, making it the second-fastest growing market in the region.

Outside the GCC, the value of projects planned or under way in both Iran and Iraq remained unchanged.

Contract awards

Biggest contract $1.7bn

Awarded to Spain’s Tecnicas Reunidas for the offsites and utilities package at Saudi Aramco’s gasification power project at Jizan Economic City

$1.8bn Value of major contract awards

3 Number of contracts awarded

For further information visit www.meed.com/contracts